Islami Bank in Turmoil: Vice chairman removed

Syed Ahsanul Alam, vice chairman of Islami Bank, has been removed from his executive post at yesterday's board meeting, a move considered by many as an attempt to muffle dissent.

Earlier, Chairman of the bank Arastoo Khan had alleged that Alam violated his oath of office by spreading propaganda about the bank.

The private commercial bank, the largest and most profitable in the country, has plunged into a bout of infighting around five months after going through a wholesale restructuring of the board of directors and top management.

Alam, who joined the bank in May last year, was elevated to the position of vice-chairman, and Arastoo, a retired bureaucrat, was made chairman in January.

Alam, also an independent director, was not present at yesterday's board meeting, held immediately after the bank's 34th annual general meeting (AGM) at the capital's Kurmitola Golf Club.

After the board meeting, Arastoo told reporters that Alam would remain in the board in his capacity as an independent director.

Contacted, Alam said it's impossible for the directors to carry out responsibilities properly if they have no power to fight mismanagement at the bank.

He alleged that the bank management hired people to make up numbers at the AGM and “make noise against the board members”.